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India's gold imports declined by 39.9 per cent to USD 24.78 billion during AprilOctober 2026, compared with USD 41.24 billion in the corresponding period of 2025, according to data released by the Department of Commerce on Friday.
The decline comes amid recent correction in global gold prices, with the precious metal trading below the USD 4,000-per-ounce mark. On a monthly basis, gold imports fell 62.57 per cent to USD 5.51 billion in October 2026 from USD 14.72 billion in October 2025. Similarly, September imports declined sharply to USD 1.80 billion from USD 9.61 billion, while August imports dropped to USD 2.30 billion from USD 5.44 billion. However, gold imports had recorded growth during the first four months of the current financial year. In April, gold imports increased to USD 5.63 billion from USD 3.10 billion in the same month last year, while in May, they rose to USD 3.42 billion from USD 2.55 billion. In June, imports increased marginally to USD 1.97 billion from USD 1.84 billion, while in July, they rose to USD 4.16 billion from USD 3.97 billion. Meanwhile, India's gems and jewellery exports increased to USD 18.50 billion during AprilOctober 2026-27 from USD 16.49 billion in the corresponding period of the previous financial year. Amid the recent correction in gold prices, the World Gold Council (WGC) indicated that the precious metal may be approaching a temporary bottom, with broader macroeconomic conditions supporting the possibility of a recovery. The WGC report highlighted that two of the three historical conditions associated with a rebound in gold prices have already been met, although elevated speculative positioning remains a concern. Gold ended October at USD 3,913 per ounce, declining 6.3 per cent during the month, with prices falling across all major currencies tracked by the council. The precious metal is currently trading around 25 per cent below its record high of USD 5,405 per ounce, reached in January 2026. The WGC noted that technical indicators and a strengthening US dollar suggest the recent sell-off may be nearing exhaustion. However, speculative positions have yet to unwind sufficiently to support a sustained recovery. "Today, two of the three conditions are in place. Gold is trading well below its 200-day average and the dollar has rallied into its top tier. Positioning, however, remains elevated," the report stated. (ANI)
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